Huntsman to Buy Rest of Texaco Chemicals
Times Staff and Wire Reports
Huntsman Corp. said it will buy the last piece of Texaco Inc.’s chemicals business for $600 million. The Salt Lake City chemical company has operated the remaining Texaco chemical business, which consists of a plant in Port Neches, Texas, since 1994. It bought Texaco Chemical Co. at that time for $1.06 billion, with an option to buy the Port Neches plant, which was under construction. The transaction is expected to be completed in the first quarter of 1997. The Port Neches plant produces methyl tertiary butyl ether, a gasoline additive, and propylene oxide, a petrochemical used to make foam for furniture and fiberglass bathtubs. White Plains, N.Y.-based Texaco said the sale is part of its strategy to focus on its core gas and oil business.
